Why the new financial hub of Europe is the perfect destination for your C-Trip
There is no better way to incentivize your associates than by taking them to the most glamorous city in the world. The sites you will see and the experiences you will have in Paris are simply priceless. There is no better time to take a C-Trip to Paris than now, as Paris is undergoing an exciting new transition to the financial hub of Europe.
Brexit
The irreplaceable and legendary historical monuments in Paris are only a portion of what attracts the top financial corporations to the city. Paris is emerging as the leading financial trading hub of continental Europe, due to the imminent exit of the United Kingdom from the European Union. Over the summer Bank of America announced the details of a new Paris trading floor with room for 1,000 staff, in preparation for Brexit. President Macron has already persuaded Citigroup to add 100 staff to the 160 that were already in Paris. HSBC which already had a large operation in Paris is planning on moving 1,000 jobs there from London. Morgan Stanley plans to add 80 jobs to the city and Goldman Sachs has said France is a priority in its efforts to double its workforce across Europe. BlackRock, a 6.3 trillion-dollar money manager, has already designated Paris as its new base to provide “alternative” investment services across Europe and Asia relating to hedge funds, real estate and commodities. BlackRock’s Paris office will increase 6-fold in the next year or so. Paris Europlace, a lobby group, has forecast that Brexit will bring 3,500 jobs to Paris.
Max Pixel“If you ask most people in the industry the number one choice (to replace London) is Paris” said the boss of a large investment bank according to the Financial Times. The executive added that labor costs in Paris have become as low as labor costs in the UK. Another big factor in attracting Banks to Paris is the sophistication of regulators. Real estate prices are 1/3 of what they are in London as well. In addition to Banks, 70 asset managers are in the process of securing licenses to operate in Paris according to officials.
All of this makes Paris not only a great destination for your C-Trip, but almost a necessity in the near future. Any business or corporation looking to expand to Europe will need to have an office in Paris.
What else makes Paris such an attractive destination for corporations
By taking a c-trip to Paris you will be able to learn more about the city and what is making it the new financial hub of Europe. You will be able to visit some of the worlds most famous and impressive monuments while immersing your associates in an environment that might be home to them one day. Paris is the perfect destination for a C-Trip because it combines pleasure, business and opportunities for the future.
In addition as aforementioned, French regulators are and have always been more sophisticated than their British counterparts. The French Polytechnic institute is one of the best in the world, and big French banks such as BNP Paribas have always been math-oriented. This bodes well for the future of finance in France as most financial institutions will become more quantitative in the future.
Furthermore, people believe the recent election of President Macron and the restoration of business-friendly attitude in tax and labor policies has also been instrumental in Paris’ transition to the financial hub of Europe.
Foundations World Economic ForumNow is the perfect time to take a c-trip to Paris, not doing so would be a wasted opportunity in terms of both business and pleasure. In addition, it would probably be wise to organize your trip sooner than later as Paris will become more expensive as it continues to undergo this transition.
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